Marketing 101
Product, Price, Promotion, Place
What are the 4 P's of Marketing?
The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions.
What is Marketing Research?
A specific group of customers who's needs and wants a company will focus on satisfying.
What is target market?
The type of market segmentation based on actual/factual vital and measurable statistics of a population
What is Demographic Segmentation?
Anything tangible that can be offered to a market to satisfy a want or need.
What is a Product?
Strengths, Weaknesses, Opportunities, Threats
What is a SWOT Analysis?
Facts and figures that are collected THE VERY FIRST TIME for a project.
What is primary data or primary research?
Introducing new ideas, products, services, or methods that lead to significant improvements or advancements within an organization.
What is innovation?
The division of a market into different groups of consumers.
What is market segmentation?
Any form of marketing communication designed to inform, persuade, or remind consumers about a product or service
What is Promotion?
"The process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals”
What is Marketing?
Facts and figures that have already been recorded before the project at hand.
What is secondary data or secondary research?
The portion of total sales or revenue that a company captures within a specific industry or market segment. It serves as a metric for assessing a company's relative strength and competitive position compared to other similar companies.
What is market share?
The type of market segmentation based on product loyalty, consumption, purchases during special times of the year, and product benefits
What is Behavioral Segmentation?
The process of transporting, storing, and handling product from the maker to the end-user; making a product or service available for the consumer or business user when and where they need it.
What is Distribution?
Promotion, Distribution, Product Planning, Pricing, Product Service Management, Marketing Information Management, Selling
What are the 7 Marketing Functions?
A comprehensive plan that outlines a company's marketing goals and objectives, focusing on the marketing mix. It combines all marketing efforts into a single plan to effectively reach potential customers and achieve business objectives.
What is Marketing Strategy?
Describes the look and "personality" of product packaging and marketing.
What is branding?
The type of market segmentation based on attitudes, lifestyles, things done in a consumer's spare time, beliefs
What is Psychographic Segmentation?
Assigning a value to a product or service to aid in satisfying exchanges between the buyer and seller.
What is Pricing?
An organization's approach to HOW its marketing goals will be accomplished
What is Marketing Strategy?
Another name for marketing research.
What is Marketing Information Management?
A philosophy and set of practices that enrich the lives of individuals, build better organizations, and focus on the growth and well-being of employees and other stakeholders.
What is servant leadership?
A specific segment of a larger market that caters to a distinct group of consumers with shared characteristics, preferences, or needs.
What is a Niche Market?
What constitute the 6 P's of Marketing?
What is People, Process, Product, Price, Promotion, Place